Lonmin narrowed its full-year loss despite a fall in revenue related to lower average platinum group metal prices, which offset increased platinum sales coming from a one-off boost in available metal. Lonmin sold 735,747oz of platinum in the year to the end of September, well ahead of its target 700,000oz due to the metal it cleared out of its processing plant. The company forecast sales would drop to between 650,000oz and 680,000oz in the year ahead as it shut old mines and focused on profitable operations, said CE Ben Magara. Lonmin had laid off 5,433 employees by the end of March without a labour stoppage and secured a fresh three-year wage deal without a strike, but the unsettled nature of the work environment after the restructuring had negatively affected productivity, he said.
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